3.0.0 2860 2017-12-15T00:02:56Z 2017-12-15T00:02:56Z Senate S S 2008-04-15 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2008-04-15T19:24:21Z 2008-04-15 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2008-04-15 Introduced in Senate IntroReferral 10000 9 Library of Congress C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA N M001162 Sen. Martinez, Mel [R-FL] Mel Martinez R FL 2008-04-15 True C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2008-04-23 False N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2008-05-13 False Finance and Financial Sector Administrative procedure Commerce Consumer credit Consumer education Federal Reserve System Federal Trade Commission Fines (Penalties) Government Operations and Politics Housing and Community Development Independent regulatory commissions Law Mortgages Real estate appraisal Restrictive trade practices Finance and Financial Sector 00 2008-04-15 Introduced in Senate 2008-05-30T16:14:02Z Fair Value and Independent Appraisal Act - Amends the Truth in Lending Act to prohibit a creditor from extending a mortgage to any consumer without first obtaining a written appraisal of the property to be mortgaged, prepared in accordance with specified requirements.

Requires a creditor to provide a copy of each such appraisal to the consumer without charge, at least three days prior to the transaction closing date.

Declares unfair or deceptive specified property appraisal practices in the provision of: (1) mortgage lending services for a consumer credit transaction secured by the consumer's principal dwelling; or (2) any mortgage brokerage services for such a transaction. Establishes civil monetary penalties for such practices.

Directs the Board of Governors of the Federal Reserve System and the Federal Trade Commission to jointly prescribe regulations defining such unfair or deceptive acts or practices.

]]> Fair Value and Independent Appraisal Act Short Titles as Introduced Fair Value and Independent Appraisal Act Display Title Fair Value and Independent Appraisal Act Official Title as Introduced A bill to diminish predatory lending by enhancing appraisal quality and standards, to improve appraisal oversight, to ensure mortgage appraiser independence, to provide for enhanced remedies and enforcement, and for other purposes. Introduced in Senate 2008-04-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2860is/xml/BILLS-110s2860is.xml 2008-04-15 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.